Honestly, I’ve seen folks get burned by those “no doc” loans too. The rates and fees can be a real shocker once you see the final numbers. But I’ll admit, for some self-employed buyers who just can’t get traditional approval, they’re kind of a lifeline. If you go that route, just make sure you really dig into the fine print… lenders love to hide surprises in there. Sometimes it’s worth waiting and wrangling your paperwork if you can swing it.
Has anyone actually managed to negotiate better terms on a no doc loan, or are those rates pretty much set in stone? I’ve always wondered if there’s any wiggle room, or if lenders just bank on folks being desperate enough to accept whatever’s offered. I get the appeal for freelancers, but the idea of hidden fees makes me nervous. Has anyone tried waiting a year or two to build up paperwork—did it actually pay off, or did prices just go up in the meantime?
I’ve definitely tried to play hardball with a no doc lender or two, and let’s just say... they didn’t exactly roll out the red carpet. My experience is those rates are pretty firm, unless you’ve got some serious leverage (or maybe a magic wand). The lenders know folks coming in for no doc loans are usually in a pinch, so they’re not eager to negotiate. I pushed back on some fees once and got a tiny concession—like, enough to buy coffee—so not exactly life-changing.
I did consider waiting it out to get my paperwork in order, but in my case, property prices shot up faster than my ability to save. It felt like playing chicken with the market, and the market always wins. Anyone else had luck timing it better? Or maybe found a lender who was actually willing to budge on terms if you shopped around enough? I sometimes wonder if going with a local credit union would be any different...
Honestly, I’ve seen a few folks get a little more wiggle room than you’d expect, but it’s definitely not the norm. The no doc lenders are pretty set in their ways, but every now and then, especially if you’re bringing a decent down payment or have a strong asset sheet, I’ve watched them shave off a quarter point or toss out a junk fee. It’s rare, but not impossible.
Credit unions are a bit of a wild card. Some have their own portfolio products and can be more flexible, but most still want at least some documentation—maybe just bank statements instead of full tax returns. They might not be as aggressive on rates for no doc loans, but you could get better service or less nickel-and-diming on fees.
Waiting for paperwork is always a gamble with this market. I’ve seen people win big and others lose out. Sometimes it comes down to whether you can stomach the risk of prices jumping again while you get your docs together. It’s kind of a choose-your-own-adventure situation...
I’ve actually been through the “no tax return” loan process myself, and yeah, it’s a mixed bag. I had to put down more than I wanted, but my credit score helped me get a slightly better rate than what was advertised. The paperwork was still a pain—just different paperwork, like bank statements and letters from clients. I do think credit unions are less rigid, but they still want to see you’re not just making numbers up. It’s not as easy as some brokers make it sound, but it’s doable if you’re organized and have your finances in order.
